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HIGH-TECHNOLOGY PRODUCTS EXPORT AND ECONOMIC GROWTH: A PANEL DATA ANALYSIS FOR EU-15 COUNTRIES

Year 2019, Volume 9, Issue 18, 669 - 684, 21.10.2019
https://doi.org/10.29029/busbed.571892

Abstract

This study investigates the relationship between high-tech product exports and economic growth in EU-15 countries between 1998-2017. The dataset composed of gross domestic product (GDP), high-technology exports (HT), labor force (LF), and gross fixed capital formation (PC). Dumitrescu & Hurlin Causality, Westerlund Cointegration and MG Estimator employed for the analyses. The short-term outcomes revealed a bidirectional causality between (a) HT and GDP, (b) LF and GDP, (c) PC and GDP, (d) LF and HT, (e) LF and PC, and (f) a unidirectional causality from HT to PC. Moreover, (i) a 1% raise in HT cause to 0.49 % increase in GDP, (ii) a 1% raise in LF cause to 0.22 % increase in GDP, (iii) a 1% raise in PC cause to 0.48 % increase in GDP. The long-term outcomes show that (i) a 1% raise in HT cause to a 0.34 % increase in GDP, (ii)a 1% raise in LF cause to a 7.4 % increase in GDP, (iii) a 1% raise in PC cause to a 0.33% increase in GDP. High-tech product exportation has a significant impact not only on economic growth, but also on gross fix capital formation and employment.

References

  • BAL, Harun, ÇİFTÇİ, Hakkı, İŞCAN, Erhan & SERİN, Duygu (2016), “The Export-Led Growth: A Technological View”, Proceedings from International Conference on Eurasian Economies 2016, session 5B: International Trade, pp. 311-316, Kaposvar.
  • CUARESMA, Jesus Crespo & WÖRZ, Julia (2005), “On Export Composition and Growth”, Review of World Economics, vol. 141, no. 1, pp. 33-49.
  • DEMİR, Oguz (2018), “Does High Tech Exports Really Matter for Economic Growth A Panel Approach for Upper Middle-Income Economies”, Online Academic Journal of Information Technology, vol. 9, no. 30, pp. 43-54.
  • DUDZEVIČIŪTE, Gitana, ŠIMELYTE, Agne & ANTANAVIČIENĖ, Jūratė (2017), “Causal Nexus Between Export and Economic Growth in the European Union Countries”, Montenegrin Journal of Economics, vol. 13, no. 2, pp. 107-120.
  • DUMITRESCU, Elena & HURLIN, Christophe (2012), “Testing for Granger Non-causality in Heterogeneous Panels”, Economic Modelling, vol. 29, no. 4, pp. 1450-1460.
  • EKANANDA, Mahjus & PARLINGGOMAN, Dion Jogi (2017), “The Role of High-Tech Exports and of Foreign Direct Investments (FDI) on Economic Growth”, European Research Studies Journal, vol. 20, no. 4A, pp. 194-212.
  • FALK, Martin (2007), “High-Tech Exports And Economic Growth in Industrialized Countries”, Applied Economics Letters, vol. 16, no. 10, pp. 1025-1028.JARREAU, Joachim & PONCET, Sandra (2012), “Export Sophistication and Economic Growth: Evidence from China”, Journal of Development Economics, vol. 97, no. 2, pp. 281-292.
  • KABAKLARLI, Esra., DURAN, Mahmut Sami & ÜÇLER, Yasemin Telli (2018), “High-Technology Exports and Economic Growth: Panel Data Analysis for Selected OECD Countries”, Forum Scientiae Oeconomia, vol. 6, no. 2, pp. 47-60.
  • KILAVUZ, Emine & TOPCU, Altay (2012), “Export and Economic Growth in the Case of the Manufacturing Industry: Panel Data Analysis of Developing Countries”, International Journal of Economics and Financial, Vol. 2, No. 2, 2012, pp. 201-215.
  • OECD (2011), “ISIC REV.3 Technologhy Intensity Definition: Classification of Manufacturing Industries into Categories Based on R&D Intensities”, OECD Directorate for Science, Technology and Industry Economic Analysis and Statistics Division.
  • PESARAN, M. Hashem (2007), “A Simple Panel Unit Root Test in The Presence of Cross-Section Dependence”, Journal of Applied Econometrics, vol. 22, no. 2, pp. 265– 312.
  • PESARAN, M. Hashem (2015), “Testing Weak Cross-Sectional Dependence in Large Panels”, Econometric Reviews, vol. 34, no. 6-10, pp.1088–1116.
  • SATROVIC, Elma (2018), “Economic Output and High-Technology Export: Panel Causality Analysis”, International Journal of Economic Studies, vol. 4, no. 3, pp. 55-63.
  • SOLLOW, Robert (1957), “Technical Change and the Aggregate Production Function”, Review of Economics and Statistics, vol.39, pp. 312-320.
  • TYTELL, Irina, EMSBO-MATTINGLY, Lisa & HOFSCHIRE, Dirk (2018), Secular Outlook for Global Growth: The Next 20 Years, Fidelity Investments Leadership Series, https://institutional.fidelity.com/app/proxy/content?literatureURL=/959546.PDF, Online: 15.05.2019
  • USMAN, Muhammad (2017), “Impact Of High-Tech Exports on Economic Growth: Empirical Evidence from Pakistan”, RISUS - Journal on Innovation and Sustainability, vol. 8, no. 1, pp. 91-105.
  • USTABAŞ, Ayfer & ERSİN, Özgür Ömer (2016), “The Effects of R&D and High Technology Exports on Economic Growth: A Comparative Cointegration Analysis for Turkey and South Korea”, Proceedings from International Conference on Eurasian Economies 2016, session 2A: Growth, pp. 44-55, Kaposvar.
  • WORLD BANK (2018), World Development Indicators, Washington, D.C.: The World Bank.
  • YANG, Feixue (2017), “The Positive Influence of High-tech Product Export on Economic Growth in Liaoning Province”, Journal of Simulation, vol. 5, no. 4, pp. 7-9.
  • YOO, Seung-Hoo (2008), “High-Technology Exports and Economic Output: An Empirical Investigation”, Applied Economics Letters, vol. 15, no. 7, pp. 523-525.

YÜKSEK TEKNOLOJİLİ ÜRÜN İHRACATI VE EKONOMİK BÜYÜME: AB-15 ÜLKELERİ İÇİN PANEL VERİ ANALİZİ

Year 2019, Volume 9, Issue 18, 669 - 684, 21.10.2019
https://doi.org/10.29029/busbed.571892

Abstract

Bu çalışma, 1998-2017 dönemini dikkate alarak Avrupa Birliği (AB)-15 ülkelerinde yüksek teknolojili ürün ihracatı ile ekonomik büyüme arasındaki nedensellik ilişkisini hem kısa hem de uzun vade için araştırmaktadır. Veri seti, Gayri Safi Yurtiçi Hasıla (GDP), Yüksek Teknoloji İhracatı (HT), İşgücü (LF) ve Gayri Safi Sabit Sermaye Oluşumu (PC) değişkenlerinden oluşmaktadır. Analizler için Dumitrescu & Hurlin (2012) Granger Panel Nedensellik Testi, Westerlund ECM Panel Eşbütünleşme Testi ve MG Tahmin Edicisi kullanılmıştır. Kısa vadeli analiz sonuçları (a) HT ve GDP, (b) LF ve GDP, (c) PC ve GDP, (d) LF ve HT , (e) LF ve PC değişkenleri arasında çift yönlü ve (f) HT'den PC'ye doğru tek yönlü bir nedensellik ortaya koymuştur. Uzun vadeli sonuçlara göre, (i) HT'de %1'lik artış GDP'de %0.34'lük artışa, (ii) LF'de %1'lik artış GDP'de %7.4'lük artışa, (iii) PC'de %1'lik artış GDP'de %0.33'lük artışa neden olmaktadır. Sonuç olarak bu çalışma, yüksek teknolojili ürün ihracatının sadece ekonomik büyüme üzerinde değil aynı zamanda brüt sabit sermaye oluşumu ve istihdam üzerinde de önemli bir etkisi olduğunu ortaya koymuştur.

References

  • BAL, Harun, ÇİFTÇİ, Hakkı, İŞCAN, Erhan & SERİN, Duygu (2016), “The Export-Led Growth: A Technological View”, Proceedings from International Conference on Eurasian Economies 2016, session 5B: International Trade, pp. 311-316, Kaposvar.
  • CUARESMA, Jesus Crespo & WÖRZ, Julia (2005), “On Export Composition and Growth”, Review of World Economics, vol. 141, no. 1, pp. 33-49.
  • DEMİR, Oguz (2018), “Does High Tech Exports Really Matter for Economic Growth A Panel Approach for Upper Middle-Income Economies”, Online Academic Journal of Information Technology, vol. 9, no. 30, pp. 43-54.
  • DUDZEVIČIŪTE, Gitana, ŠIMELYTE, Agne & ANTANAVIČIENĖ, Jūratė (2017), “Causal Nexus Between Export and Economic Growth in the European Union Countries”, Montenegrin Journal of Economics, vol. 13, no. 2, pp. 107-120.
  • DUMITRESCU, Elena & HURLIN, Christophe (2012), “Testing for Granger Non-causality in Heterogeneous Panels”, Economic Modelling, vol. 29, no. 4, pp. 1450-1460.
  • EKANANDA, Mahjus & PARLINGGOMAN, Dion Jogi (2017), “The Role of High-Tech Exports and of Foreign Direct Investments (FDI) on Economic Growth”, European Research Studies Journal, vol. 20, no. 4A, pp. 194-212.
  • FALK, Martin (2007), “High-Tech Exports And Economic Growth in Industrialized Countries”, Applied Economics Letters, vol. 16, no. 10, pp. 1025-1028.JARREAU, Joachim & PONCET, Sandra (2012), “Export Sophistication and Economic Growth: Evidence from China”, Journal of Development Economics, vol. 97, no. 2, pp. 281-292.
  • KABAKLARLI, Esra., DURAN, Mahmut Sami & ÜÇLER, Yasemin Telli (2018), “High-Technology Exports and Economic Growth: Panel Data Analysis for Selected OECD Countries”, Forum Scientiae Oeconomia, vol. 6, no. 2, pp. 47-60.
  • KILAVUZ, Emine & TOPCU, Altay (2012), “Export and Economic Growth in the Case of the Manufacturing Industry: Panel Data Analysis of Developing Countries”, International Journal of Economics and Financial, Vol. 2, No. 2, 2012, pp. 201-215.
  • OECD (2011), “ISIC REV.3 Technologhy Intensity Definition: Classification of Manufacturing Industries into Categories Based on R&D Intensities”, OECD Directorate for Science, Technology and Industry Economic Analysis and Statistics Division.
  • PESARAN, M. Hashem (2007), “A Simple Panel Unit Root Test in The Presence of Cross-Section Dependence”, Journal of Applied Econometrics, vol. 22, no. 2, pp. 265– 312.
  • PESARAN, M. Hashem (2015), “Testing Weak Cross-Sectional Dependence in Large Panels”, Econometric Reviews, vol. 34, no. 6-10, pp.1088–1116.
  • SATROVIC, Elma (2018), “Economic Output and High-Technology Export: Panel Causality Analysis”, International Journal of Economic Studies, vol. 4, no. 3, pp. 55-63.
  • SOLLOW, Robert (1957), “Technical Change and the Aggregate Production Function”, Review of Economics and Statistics, vol.39, pp. 312-320.
  • TYTELL, Irina, EMSBO-MATTINGLY, Lisa & HOFSCHIRE, Dirk (2018), Secular Outlook for Global Growth: The Next 20 Years, Fidelity Investments Leadership Series, https://institutional.fidelity.com/app/proxy/content?literatureURL=/959546.PDF, Online: 15.05.2019
  • USMAN, Muhammad (2017), “Impact Of High-Tech Exports on Economic Growth: Empirical Evidence from Pakistan”, RISUS - Journal on Innovation and Sustainability, vol. 8, no. 1, pp. 91-105.
  • USTABAŞ, Ayfer & ERSİN, Özgür Ömer (2016), “The Effects of R&D and High Technology Exports on Economic Growth: A Comparative Cointegration Analysis for Turkey and South Korea”, Proceedings from International Conference on Eurasian Economies 2016, session 2A: Growth, pp. 44-55, Kaposvar.
  • WORLD BANK (2018), World Development Indicators, Washington, D.C.: The World Bank.
  • YANG, Feixue (2017), “The Positive Influence of High-tech Product Export on Economic Growth in Liaoning Province”, Journal of Simulation, vol. 5, no. 4, pp. 7-9.
  • YOO, Seung-Hoo (2008), “High-Technology Exports and Economic Output: An Empirical Investigation”, Applied Economics Letters, vol. 15, no. 7, pp. 523-525.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Kemal ERKİŞİ (Primary Author)
ISTANBUL GELISIM UNIVERSITY
0000-0001-7197-8768
Türkiye


Semra BOĞA This is me
Adana Alparslan Türkeş Science and Technology University
0000-0003-2799-9080
Türkiye

Publication Date October 21, 2019
Published in Issue Year 2019, Volume 9, Issue 18

Cite

APA Erkişi, K. & Boğa, S. (2019). HIGH-TECHNOLOGY PRODUCTS EXPORT AND ECONOMIC GROWTH: A PANEL DATA ANALYSIS FOR EU-15 COUNTRIES . Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi , 9 (18) , 669-684 . DOI: 10.29029/busbed.571892